Ushdev International Q2 profit up 112% to Rs 44 cr

Metal trading firm Ushdev International's consolidated net profit has more than doubled to Rs 44.16 crore during the second quater ended September 2012, as compared to the Rs 20.87 crore profit reported in the corresponding quarter a year ago.

Total sales of the company for the quarter stood at Rs 2,796 crore, registering a jump of 47%, as compared to Rs 1,906 crore in the corresponding period previous year, it said in a statement.

"The group has been consciously exploring new opportunities for business both in terms of product and geography. Quarterly performance is result of those efforts," Ushdev International Vice Chairman Prateek Gupta said.

For the half year ended September 2013, consolidated net profit stood at Rs 74 crore, registering a a rise of 65%. Its total sales in the first half was at Rs 4,841 crore, up by 38%, as compared to Rs 3,511 crore in the corresponding period of lat fiscal.

Shares of the company closed today at Rs 329.90 a piece on the BSE, up 8.39% from the previous close.